July oil production

West Siberian Resources Ltd's oil production during July 2006 amounted to 754,491 barrels (176,300 barrels ) or 24,338 barrels per day (5,680 barrels per day). The average daily production increased by 2,853 barrels from the June average of 21,485 barrels per day following successful development activities in all operating regions.

Tomsk region At the Kluchevskoye oil field, well no 206 and well no 207 were drilled, completed and put on production. Currently, the new well no 204 is being drilled. At Middle Nyurola, the hydrofracturing program for three wells was successfully completed. Timano Pechora region At the Middle Kharyaga field, the second sidetrack of well no 1011 was completed and production rates increased significantly. Production enhancement activities also resulted in production increases from well no 1012 and well no 1009. Volga Urals region The workover program continued throughout the region and new more powerful ESP pumps were installed on existing wells. At the Kochevnenskoye oil field, a new well, no 110, was completed and put into production. Exploration drilling continues at the Kulturnenskaya prospect while a second drilling rig was installed at the Solnechnoye field for drilling of the second exploration well. Production at the West Kochevnenskoye field remained shut-in during the month. The Ministry of Natural Resources has granted the permission for the production license for the field. The license is now expected to be issued by the end of August 2006 and production from the field is expected to restart in September 2006. For further information: Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 495 956 48 82 Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 70 523 86 62 Also visit www.westsiberian.com